Can Equipment Finance Be Used for Car Loans?

Not everyone will be in the position to purchase a brand new vehicle outright and this is why so many consider their financing options before signing on the dotted line. Although many prefer to own their cars from the offset, often turning to their own savings in order to buy the vehicle directly from a showroom or supplier – others might not have the cash to spend in one lump sum.

This is where car finance comes in handy, but as most lending agencies will treat both equipment (such as tractors, lorries, trucks and vans) and cars in the same manner – it’s no wonder why people are considering taking out equipment financing to purchase their new vehicle.

What are the options when it comes to finance?

When buying a new vehicle under financial options, there are typically two solutions.

The first is to opt for features offered by the showroom that you’re buying the car from

The second is to source a third party loan, which can often be much cheaper and more flexible

When buying from a showroom it can seem much simpler to take on their financing terms and conditions, but what many people don’t realise is that these conditions will often be subjected to a greater amount of interest – one that the showroom itself will define. Instead of opting for this method, it makes much more sense to walk away from the offer and find a more suitable deal.

This is where third parties come in. As most (if not all) lenders that we work with here at Tundra Finance will offer extensive lending services, we are able to connect you as the borrower with one of the fairest deals available. We’ll compare rates for you and find the cheapest option, whilst ensuring that the terms and conditions are fair and that you’ll benefit from the agreement in the long run.

The greatest thing about this option is that once you’ve been approved for a loan, you’ll be able to walk into any showroom and find the exact car that you’re looking for. With options to borrow more than your initial budget might allow, you could end up buying an even more expensive car to get you about, without having to worry about the early expense.

All showrooms will simply want to receive payment for their products, so they’ll be happy to accept payment from your lender on your behalf – allowing you to use your new car immediately, whilst you focus on repaying what you’ve borrowed over a period of time that suits you.

Feb

17

For those of you that might be about to submit an application to a lender in an effort to obtain equipment financing – you might want to take a step back and reconsider your options. Sure, finance [...]